Been keeping a close eye on CL for a while now since the failed...

Been keeping a close eye on CL for a while now since the failed attempt at breaking into the higher red range. The following extremely threatening increase in spread to the downside appears to have provided the Peak Fear with the dip below the green range forming a lovely Spring, now with Strength in the recent background. Price crossed the midline with continuing strength and has recently moved back to challenge the top of this green horizontal range. If this is an Accumulation range and the latest Spring proves to be a Phase C Spring, with the size of the Weekly range, the price target on a Point and Figure would be fascinating to see, well beyond recent highs, however I think we’d need to see a Last Point of Support to count from? Not quite there yet, still baking.

This latest break of the last few days, if sustained, could see a substantial follow through into a more volatile steeper channel, price has previously seen an overbought position on previous breaks above the thinner blue channel, but the recent divergence of the 2 potential channels shown appears to have forced the break, this break appears to be different, with a clear close well above the previous less volatile channel, interesting timing as price approaches the top of the greater green Trading Range, and May provide the momentum to clearly break above this area and return to challenge the older red range on the Weekly.

I’m holding a trailer full of SEA at the moment that has caught a nice run in step with recent moves in Crude, still undervalued and looking strong to break more recent highs as well with some nice stand up bars on the Daily.
Cheers HF